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Tiffany upgraded at Cowen, as "luxury is coming back"

Published 11/11/2016, 02:39 PM
Tiffany upgraded at Cowen, as "luxury is coming back"
TIF
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  • Tiffany (TIF +0.8%) is upgraded to Outperform from Market Perform with a $90 price target, raised from $68, at Cowen, which believes the luxury market is coming back and TIF is well positioned and a trusted brand.
  • Cowen says its enthusiasm is driven by expectations for TIF to achieve FY 2016 guidance and resume growth in 2017 on improved product and marketing execution, and sees potential for additional upside beyond its base case with a path to 20%-plus EPS growth next yea.t
  • The firm thinks fundamentals, particularly improved momentum in comp store sales through a combination of traffic and unit improvements, will drive EPS upside at TIF.

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